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IoT + Smart Products: Managing Future Business Starts with Radical Alignment

The Internet of Things (IoT) has transformed product innovation across nearly every sector of the economy.  Connected cars, smart home devices and connected industrial equipment are among the more than 30 billion devices expected by the year 2025, rapidly outpacing non-IoT devices such as cell phones, laptops, and computers .

Manufacturers must  be aware that  current IoT trends  will  continue and adapt quickly to market opportunities; this is a make-or-break moment. However, many companies  still  suffer from a lack of alignment, visibility and transparency that impairs the innovation process. This can lead to significant business consequences, such as longer time to market, increased cost, higher  risk,  and lower team morale.

While software development plays an important role in realizing IoT product opportunities, the physical product also requires its own innovation timeline  and process . Many companies  try   to  address  this divide by  implementing a one- size-fits-all methodology, such as Agile or top-down project management methodologies including Six Sigma and Waterfall. But in practice ,  multiple methodologies are required and  must  be used in combination to remove friction and conflicts.    

“one size fits all” approach  can not  solve  the   unique challenge s involved with developing  IoT and connected products Manufacturing smart products requires far more coordination across functions and disciplines than traditional manufacturing.  What's needed is  a  bridge between  the  business management and product management  processes  on the one hand and the physical and software realization  processes on the other.   

Achieving Radical Alignment 

In order to  remain competitive, today's  smart product developers  must master the cross-functional realization process   by  fundamentally  coordinating  all major functions of the organization  

Is your organization aligned?  An organization that  unites  its innovation data  has characteristics like  this: 

  • Physical and software development, IT sales, marketing, R&D, and more are on the same page regarding strategic investments of features and products being developed and manufactured across product lines
  • A seamless smart product realization process that empowers teams to work with preferred methodologies and tools
  • Business strategy and product strategy are clearly tied to development work and production
  • Products are delivered on time, as promised, and the business meets revenue targets

Companies need a clear picture of  the resources,  data,  and status of their smart product innovations.  Accolade for Smart Products  software, brought to you by the innovation performa nce people at Sopheon,  help s  executives , product line managers , R&D  and   innovation leaders  identify  and execute  priorities, deadlines and more . All functions, disciplines and teams  can   remain connected to the business strategy and can now bring the right products to market at the right time, according to plan, within agreed financial conditions.  

IoT products have re-defined product manufacturing. Now, manufacturers need to re-define the innovation process.  Is your organization ready?

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Sources

[1]  Internet of Things (IoT) and non-IoT active device connections worldwide from 2010 to 2025(in billions)  

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